Under UN GA Draft Resolution A/C.2/69/L.4 of 14 October 2014, UNCTAD has been entrusted with the task of sharing its expertise on sovereign debt in accordance with its general mandate. UNCTAD is the UN focal point on debt issues.
UNCTAD has been working on principles for a debt workout mechanism since 2013 and is currently elaborating a Debt Workout Roadmap that could benefit the work of the Ad Hoc Committee.
The second working session of the ad hoc committee on sovereign debt restructuring processes will gather Member States and observers. During this event, participants will discuss principles and elements that should form the basis of a legal framework for debt restructuring processes.
Issues to be discussed:
Guiding Principles: Legitimacy, Impartiality, Transparency, Good Faith and Sustainability
Latest developments in contractual approach and why it is not enough
Problems of Litigation against Heavily Indebted Poor Countries (HIPCs)
Potential for a hybrid approach and building consensus around it
The negative role of vulture funds
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